Argentina Creates Plan To Help Small and Medium-Sized Companies

Argentine President Alberto Fernández announced a plan to support small and medium-sized enterprises (SMEs) with $700 million to help it recover from the economic crisis due to the COVID-19 pandemic.

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"Small and medium-sized companies are the ones that create work in Argentina, and we have to promote products to grow so that Argentines bring their families their daily sustenance," Fernández explained.

The plan includes direct credits through the Productive Development Fund (FONDEP) and financing of public and private banks. Also, a maximum of $186.871 will be given as funding for seven years. The credits can be used to acquire new capital goods, construction of facilities, and more.

"In this, the State must be very present because we saw what happened when everything was in the hands of the markets, what was in It was detrimental to the development of small and medium-sized companies and only favored the accumulation of more profits by the large monopolies and oligopolies,” the Argentine president emphasized.

The plan is addressed to projects from the industrial, agro-industrial, and service sectors, as SMEs' representatives also announced a new package of millionary investments that aims to create 300 jobs.